FINANCIAL STATEMENTS 2018 - Startseite743e172d-640d-47f7-b2e7-7a... · 2020. 4. 30. · 9.3 Claims...

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2018

OESTERREICHISCHE NATIONALBANKE U RO S Y S T EM

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EUROSYSTEM

2018

FINANCIAL STATEMENTS 2018

http://www.oenb.at/en/About-Us/Financial-Statements.html

2 OESTERREICHISCHE NATIONALBANK

Balance sheet as at December 31, 2018

AssetsDecember 31, 2018 December 31, 2017EUR EUR

1 Gold and gold receivables 10,091,011,456.69 9,739,210,762.77

2 Claims on non-euro area residents denominated in foreign currency 10,231,052,302.67 8,228,811,658.232.1 Receivables from the IMF 2,836,227,479.19 2,575,290,640.012.2 Balances with banks and security investments,

external loans and other external assets 7,394,824,823.48 5,653,521,018.22 3 Claims on euro area residents denominated in foreign

currency 932,846,792.10 1,103,167,186.67

4 Claims on non-euro area residents denominated in euro 1,304,555,812.59 1,128,301,343.874.1 Balances with banks, security investments and loans 1,304,555,812.59 1,128,301,343.874.2 Claims arising from the credit facility under ERM II – –

5 Lending to euro area credit institutions related to monetary policy operations denominated in euro 21,114,390,000.00 20,112,390,000.005.1 Main refinancing operations 1,302,000,000.00 285,000,000.005.2 Longer-term refinancing operations 19,812,390,000.00 19,827,390,000.005.3 Fine-tuning reverse operations – –5.4 Structural reverse operations – –5.5 Marginal lending facility – –5.6 Credits related to margin calls – –

6 Other claims on euro area credit institutions denominated in euro 100,515.38 88,472.37

7 Securities of euro area residents denominated in euro 67,399,284,639.51 62,823,202,513.367.1 Securities held for monetary policy purposes 59,516,224,456.64 53,970,733,703.227.2 Other securities 7,883,060,182.87 8,852,468,810.14

8 General government debt denominated in euro 396,791,618.60 399,345,338.73

9 Intra-Eurosystem claims 29,609,213,907.51 31,048,083,462.519.1 Participating interest in the ECB 221,613,272.84 221,613,272.849.2 Claims equivalent to the transfer of foreign reserves 1,137,636,924.67 1,137,636,924.679.3 Claims related to the issuance of ECB debt certificates 1 x x9.4 Net claims related to the allocation

of euro banknotes within the Eurosystem 28,249,963,710.00 29,688,833,265.009.5 Other claims within the Eurosystem (net) – –

10 Items in course of settlement – –

11 Other assets 8,871,280,062.85 9,133,802,729.6311.1 Coins of euro area 111,346,286.71 99,876,771.5111.2 Tangible and intangible fixed assets 129,055,954.97 134,934,925.9511.3 Other financial assets 6,967,277,865.81 7,288,507,931.7211.4 Off balance sheet instruments’ revaluation differences – –11.5 Accruals and prepaid expenses 739,849,254.97 687,067,180.6011.6 Sundry 923,750,700.39 923,415,919.85

149,950,527,107.90 143,716,403,468.14

1 Only an ECB balance sheet item.

FINANCIAL STATEMENTS 2018 3

Financial statements of the OeNB for the year 2018

LiabilitiesDecember 31, 2018 December 31, 2017EUR EUR

1 Banknotes in circulation 31,584,742,770.00 30,034,718,980.00

2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro 42,290,247,110.34 35,658,747,001.602.1 Current accounts (covering the minimum reserve system) 37,521,247,110.34 31,638,747,001.602.2 Deposit facility 4,769,000,000.00 4,020,000,000.002.3 Fixed-term deposits – –2.4 Fine-tuning reverse operations – –2.5 Deposits related to margin calls – –

3 Other liabilities to euro area credit institutions denominated in euro – –

4 Debt certificates issued 1 x x

5 Liabilities to other euro area residents denominated in euro 6,147,018,111.83 9,250,130,380.495.1 General government 1,609,939,690.53 2,171,922,121.525.2 Other liabilities 4,537,078,421.30 7,078,208,258.97

6 Liabilities to non-euro area residents denominated in euro 2,065,493,242.09 939,579,533.34

7 Liabilities to euro area residents denominated in foreign currency 44,136.40 82,909.68

8 Liabilities to non-euro area residents denominated in foreign currency – –8.1 Deposits, balances and other liabilities – –

8.2 Liabilities arising from the credit facility under ERM II – –

9 Counterpart of Special Drawing Rights allocated by the IMF 2,110,315,860.58 2,062,046,335.39

10 Intra-Eurosystem liabilities 45,428,115,491.82 45,804,508,534.9610.1 Liabilities equivalent to the transfer of foreign reserves 1 x x10.2 Liabilities related to the issuance of ECB

debt certificates – –10.3 Net liabilities related to the allocation of

euro banknotes within the Eurosystem – –10.4 Other liabilities within the Eurosystem (net) 45,428,115,491.82 45,804,508,534.96

11 Items in course of settlement – –

12 Other liabilities 545,322,741.28 457,723,807.9012.1 Off balance sheet instruments’ revaluation differences 153,593,341.94 43,148,251.5812.2 Accruals and income collected in advance 168,029,089.08 84,244,179.8112.3 Sundry 223,700,310.26 330,331,376.51

13 Provisions 6,446,216,977.70 6,287,561,767.23

14 Revaluation accounts 9,045,788,305.35 8,898,368,220.69

15 Capital and reserves 4,266,760,819.27 4,303,606,838.5715.1 Capital 12,000,000.00 12,000,000.0015.2 Reserves 4,254,760,819.27 4,291,606,838.57

16 Profit for the year 20,461,541.24 19,329,158.29

149,950,527,107.90 143,716,403,468.14

1 Only an ECB balance sheet item.


Profit and loss account for the year 2018

Year ending December 31, 2018 Year ending December 31, 2017EUR EUR

1.1 Interest income 1,782,588,295.39 1,546,072,620.59

1.2 Interest expense –1,062,963,050.18 –882,360,466.27

1 Net interest income 719,625,245.21 663,712,154.32

2.1 Realized gains/losses arising from financial operations 63,619,044.56 239,265,990.42

2.2 Writedowns on financial assets and positions –195,695,340.12 –187,090,466.90

2.3 Transfer to/from provisions for foreign exchange, interest rate, credit and gold price risks –150,000,000.00 –275,000,000.00

2 Net result of financial operations, writedowns and risk provisions –282,076,295.56 –222,824,476.48

3.1 Fees and commissions income 6,784,404.43 6,931,763.73

3.2 Fees and commissions expense –4,790,375.06 –5,791,731.81

3 Net income from fees and commissions 1,994,029.37 1,140,031.92

4 Income from equity shares and participating interests 98,635,205.52 113,447,362.25

5 Net result of pooling of monetary income 124,364,464.43 72,278,380.89

6 Other income 30,905,607.17 37,185,648.23

Total net income 693,448,256.14 664,939,101.13

7 Staff costs –151,767,185.41 –146,628,517.27

8 Expenses for retirement –138,836,671.50 –108,500,325.89

9 Administrative expenses –80,760,600.61 –80,884,011.01

10 Depreciation of tangible and intangible fixed assets –15,842,357.44 –14,933,646.89

11 Banknote production services –15,226,014.00 –18,035,302.32

12 Other expenses –7,726,224.89 –9,599,397.20

Total expenses –410,159,053.85 –378,581,200.58

Operating profit 283,289,202.29 286,357,900.55

13 Corporate income tax –55,938,744.06 –71,589,475.14

227,350,458.23 214,768,425.41

14 Transfer to the pension reserve and central government’s share of profit –206,888,916.99 –195,439,267.12

15 Profit for the year 20,461,541.24 19,329,158.29



Notes on the financial statements 2018

1 The Nationalbank Act was last amended with effect from June 14, 2018 (Federal Law Gazette I No. 37/2018).2 Guideline of the European Central Bank of 3 November 2016 on the legal framework for accounting and financial reporting of the

European System of Central Banks (ECB/2016/34).

General notes on the financial statementsLegal framework

The Oesterreichische Nationalbank (OeNB) is obligated under Article 67 paragraph 2 of the Federal Act on the Oesterreichische Nationalbank 19841 (hereinafter Nationalbank Act), Federal Law Gazette No. 50/1984, as amended, to prepare its balance sheet and its profit and loss account in conformity with the rules established by the Governing Council of the ECB under Article 26.4 of the Protocol on the Statute of the European System of Central Banks and of the European Central Bank (Statute of the ESCB and of the ECB). The OeNB has adopted the ESCB’s accounting rules2 and applied them to these financial statements in their entirety. Activities not covered by these rules are to be treated as regulated by the generally accepted accounting principles referred to in Article 67 paragraph 2 second sentence Nationalbank Act and, according to Article 67 paragraph 3 Nationalbank Act, the provisions of the third volume of the Unternehmensgesetzbuch (Commercial Code) are to be applied in addition. The OeNB is exempt i.a. from Article 199 Commercial Code (contingent liabilities arising from guarantees) and from Articles 244 et seq. Commercial Code (consolidated financial statements). Moreover, Article 68 paragraph 3 Nationalbank Act exempts the OeNB from including specific disclosures under Article 243 Commercial Code. In light of the provisions of Article 72 Nationalbank Act, the OeNB is not required to draw up a balance sheet for taxation purposes. Thus, no differences can arise between the carrying values reported by the OeNB in the balance sheet for commercial and for tax purposes. Pursuant to the Federal Act governing the National Foundation for Research, Technology and Development (hereinafter National Foundation Act), Federal Law Gazette I No. 81/2017,

the OeNB is entitled, from 2018 to 2020, to transfer up to EUR 66.67 million of the central government’s share of profit to the National Foundation for Research, Technology and Development (hereinafter National Foundation). Any payout under Article 4 paragraph 5 item 2 National Foundation Act by the OeNB to the National Foundation must be deducted from this amount. For the subsequent financial year, such transfer from the central government’s share of profit reduces the corporate income tax base of the OeNB under Article 72 paragraph 1 Nationalbank Act.

Format of the balance sheet and the profit and loss account

The balance sheet and the profit and loss account in the financial statements 2018 were prepared in the format laid down by the Governing Council of the ECB.

Valuation rules and accounting policies

The OeNB’s financial statements are prepared in conformity with valuation rules and accounting policies which are applied in the whole Eurosystem and which follow accounting principles harmonized by EU law and generally accepted international accounting standards. These standards comprise the following accounting principles: economic reality and transparency, prudence, recognition of postbalance sheet events, materiality, goingconcern basis, accruals principle, consistency and comparability.

Time of recording

Foreign exchange transactions, financial instruments denominated in foreign currency and related accruals must be recorded at trade date (economic approach) while securities transactions (including transactions with equity instruments) denominated in foreign currency may be recorded according to the cash/settlement approach. Interest accrued in relation to foreign


currency transactions, including premiums or discounts, must be recorded on a daily basis from the spot settlement date. To record specific eurodenominated transactions, financial instruments and related accruals, either the economic or the cash/settlement approach may be used.

Foreign currency transactions whose exchange rate is not fixed against the accounting currency are recorded at the euro exchange rate prevailing on the day of the transaction.

Basis of accounting

At yearend, valuation is based on current market prices or rates. This applies equally to transactions that are disclosed in the balance sheet and to transactions that are not.3

The valuation of foreign currency holdings comprises the entire position in a given currency (including off balance sheet instruments). Moreover, holdings of Special Drawing Rights (SDRs), including holdings of specific foreign currencies that serve to hedge the SDR currency risk, are treated as a single holding. Own funds invested in foreign exchange assets are treated as a separate currency item under other financial assets, as are any equity instruments (equity shares or equity funds) denominated in foreign currency.

Revaluation of securities and investment fund shares/units takes place on a security bysecurity basis, i.e. securities with the same International Securities Identification Number (ISIN) are grouped together.

Securities currently held for monetary policy purposes are accounted for at amortized cost (subject to impairment). Marketable securities (other than securities held for monetary policy purposes and those classified as held tomaturity4) and similar assets are valued either at the midmarket prices or on the basis of the relevant yield curve prevailing on the balance sheet date, on a securitybysecurity basis. Options embedded in securities are not separated for

3 Transactions that are not disclosed in the balance sheet are recorded and disclosed separately because the Eurosystem’s accounting format does not provide for off balance sheet transactions.

4 Held-to-maturity securities are securities with fixed or determinable payments and a fixed maturity that the OeNB intends to hold until maturity.

valuation purposes. For the year ending December 31, 2018, midmarket prices on December 31, 2018, were used.

Marketable securities classified as held tomaturity and nonmarketable securities are all valued at amortized cost subject to impairment. Illiquid equity shares and any other equity instruments held as permanent investments are valued at cost subject to impairment.

Participating interests are valued on the basis of the net asset value of the relevant company.

Income recognition

Realized gains and losses may only occur in the course of transactions that entail a reduction in securities or currency positions. They correspond to the difference between the transaction value and the acquisition value calculated according to the average cost method and must be included in the profit and loss account.

Unrealized gains and losses arise during revaluation and correspond to the difference between the market value and the acquisition value calculated according to the average cost method. Unrealized gains must not be taken to the profit and loss account but must be transferred to a revaluation account on the liabilities side of the balance sheet. Unrealized losses are recognized in the profit and loss account when they exceed previous revaluation gains registered in the corresponding revaluation account. They may not be reversed against new unrealized gains in subsequent years. Unrealized losses in any one security or currency are not netted against unrealized gains in other securities or currencies (prohibition of netting).

Premiums or discounts arising on purchased securities are calculated and presented as part of interest income and are amortized over the remaining life of the securities.

Tangible and intangible fixed assets

Tangible and intangible fixed assets are valued at cost less depreciation. As a rule, depreciation is



calculated on a straightline basis from the quarter after acquisition throughout the expected economic lifetime of the assets. Tangible fixed assets below the cost of EUR 10,000 including value added tax are depreciated in the year of acquisition. Acquisitions of string instruments and art objects as well as additions to the coins of the OeNB’s Money Museum are excluded from this provision. They are capitalized at cost, and no depreciation according to the straightline method is carried out as these assets do not lose value on a regular basis. Extraordinary depreciation is required if permanent impairment is expected. In line with the ESCB’s accounting rules, no writeups are added to amortized cost should the reasons for impairment no longer apply. The depreciation periods applicable to the individual assets are listed in table 1.

Realized gains and losses and valuation differences and their treatment in the fina ncial statements of December 31, 2018

Realized gains and losses as well as revaluation differences are shown in table 2.

Banknotes in circulation, intra-Eurosystem balances and interim ECB profit distributionBanknotes in circulation

The ECB and the 19 euro area national central banks (NCBs), which together comprise the Eurosystem, issue euro banknotes. The banknotes in circulation presented in the balance

5 Banknote allocation key means the percentages that result from taking into account the ECB’s share (8%) in the total euro banknote issue and applying the capital key to the NCBs’ share (92%) in such total.

sheet of the OeNB (and of the other NCBs in the Eurosystem) are calculated as per the last working day of each month in accordance with the banknote allocation key of the Eurosystem.5

The ECB has been allocated a share of 8% of the total value of euro banknotes in circulation, whereas the remaining 92% has been allocated to NCBs according to their weightings in the capital key of the ECB. The share of banknotes allocated to the OeNB is disclosed in the balance sheet under liability item 1 Bank-notes in circulation.

The difference between the value of the euro banknotes allocated to the OeNB in accordance with the banknote allocation key and the value of the euro banknotes that the OeNB actually puts into circulation gives rise to remunerated intraEurosystem balances. If the value of the euro banknotes put into circulation exceeds the value of the euro banknotes allocated in accordance with the banknote allocation key, the OeNB records net liabilities related to the allocation of euro banknotes within

Table 1

AssetDepreciation

period

Computers, related hardware and software, motor vehicles 4 yearsIntangible assets 5 yearsEquipment, furniture and plant in building 10 yearsBuildings 25 yearsFixed assets costing less than EUR 10,000 including value added tax (low-value assets) no capitalization

Table 2

Realized gains profit and loss account

item 2.1

Realized losses profit and loss account

item 2.1

Unrealized losses profit and loss account

item 2.2

Change in unrealized gains liability item 14

EUR million EUR million EUR million EUR million

Gold 0.003 –0.003 – +351.800Foreign currency 79.527 –0.574 –183.787 +37.836Securities 31.758 –47.092 –11.908 –165.942Participating interests (investment of own funds) – – – +5.893

Total 111.288 –47.669 –195.695 +229.588


the Eurosystem. Conversely, the OeNB records net claims related to the allocation of euro banknotes within the Eurosystem.

From the cash changeover year until five years following the cash changeover year, the intraEurosystem balances arising from the allocation of euro banknotes are adjusted in order to avoid significant changes in NCBs’ relative income positions as compared to previous years. The adjustments are effected by taking into account the differences between the average value of banknotes in circulation of each NCB in the reference period and the average value of banknotes that would have been allocated to them during that period under the ECB’s capital key. The adjustments will be reduced in annual stages until the first day of the sixth year after the cash changeover year, when income on banknotes (seigniorage) will be allocated fully in proportion to the NCBs’ paidup shares in the ECB’s capital. In the year under review, the adjustments resulted from the accession of Lithuania (in 2015) and Latvia (in 2014) to the euro area and will terminate at the end of 2020 and 2019, respectively.

The interest income and expense on these balances is cleared through the accounts of the ECB and is disclosed under the profit and loss account item 1 Net interest income. In the year under review, no such interest income or expense was reported because the interest rate on the main refinancing operations was 0% throughout the year.

Intra-Eurosystem balances

IntraEurosystem balances result primarily from crossborder payments in the European Union (EU) that are settled in central bank money in euro. They are primarily settled in TARGET2 and give rise to bilateral balances in the TARGET2 accounts of EU central banks. These bilateral balances are netted out and then assigned to the ECB on a daily basis, leaving each NCB with a single net bilateral position visàvis the ECB only. The OeNB’s intra Eurosystem balances visàvis the ECB arising from TARGET2, as well as other intraEurosystem balances denominated in euro (e.g. interim

ECB profit distributions to NCBs, monetary income results), are presented net under liability item 10.4 Other liabilities within the Eurosystem (net). IntraESCB balances visàvis noneuro area NCBs not arising from TARGET2 are disclosed either under claims on non-euro area residents denominated in euro or liabilities to non-euro area residents denominated in euro.

IntraEurosystem claims arising from the OeNB’s participating interest in the ECB are reported under asset item 9.1 Participating inter-est in the ECB.

IntraEurosystem claims arising from the transfer of foreign reserves to the ECB by the OeNB at the time of joining the Eurosystem are denominated in euro and reported under asset item 9.2 Claims equivalent to the transfer of foreign reserves.

IntraEurosystem balances arising from the allocation of euro banknotes within the Eurosystem are reported net under asset item 9.4 Net claims related to the allocation of euro banknotes within the Eurosystem.

Interim ECB profit distribution

The Governing Council of the ECB has decided that the seigniorage income of the ECB, which arises from the 8% share of euro banknotes allocated to the ECB, as well as the income arising from the securities held under the securities markets programme (SMP), the third covered bond purchase programme (CBPP3), the assetbacked securities purchase programme (ABSPP) and the public sector purchase programme (PSPP) is due to the euro area NCBs in the financial year in which it accrues. Unless otherwise decided by the Governing Council, the ECB distributes this income in January of the following year by means of an interim distribution of profit. It is distributed in full unless it is higher than the ECB’s net profit for the year, and subject to any decisions by the Governing Council to make transfers to the provision for foreign exchange rate, interest rate, credit and gold price risks. The Governing Council may also decide to reduce the amount of the income on euro banknotes in circulation to be distributed in January by the amount of



the costs incurred by the ECB in connection with the issue and handling of euro banknotes.

The amount distributed by the ECB to the OeNB is disclosed in the profit and loss account item 4 Income from equity shares and participating interests.

Provisions for financial risks and lossabsorbing capital

The OeNB’s risk provisions are broken down into provisions for financial risks and loss absorbing capital. They are part of the OeNB’s net equity, which is shown in table 5. In line with the principle of universality, the OeNB’s financial risks are covered by the designated financial provisions. Taking into account the prohibition of netting, balances on revaluation accounts are used as riskmitigating factors in calculating risk exposure. At the balance sheet date, the level of provisions for financial risks was adequate.

Table 3 shows provisions for financial risks and lossabsorbing capital as on December 31, 2017, and December 31, 2018.

Related-party transactions

Article 238 paragraph 1 no. 12 Commercial Code stipulates that the notes on the financial

statements must include information about material transactions with related parties that were not concluded under normal market conditions. The OeNB has a special reporting system and internal control measures for such instances in place.

Any business the OeNB transacted with related parties in 2018 was at normal market conditions.

In the financial year 2018, the OeNB provided funding to economic research institutions (Austrian Institute of Economic Research (WIFO), Institute for Advanced Studies (IHS), The Vienna Institute for International Economic Studies (wiiw)), the Austrian Society for European Politics (ÖGfE) and the Joint Vienna Institute (JVI), with total funding running to EUR 6.049 million (2017: EUR 6.649 million).

Information under section 9.2 Corporate Governance Code of the OeNB

The relations maintained by the OeNB with its shareholder as well as with the members of the Governing Board and of the General Council comply with the legal and statutory provisions (see section Related-party transactions for information related to Article 238 paragraph 1 no. 12 Commercial Code).

Table 3

December 31, 2017 Increase Decrease December 31, 2018EUR million EUR million EUR million EUR million

I. Provisions for financial risksL 15.2 Reserve for nondomestic and price risks 1,973.263 – – 1,973.263L 13 Risk provisions equivalent to reserves 3,950.000 +150.000 – 4,100.000

5,923.263 +150.000 – 6,073.263II. Loss-absorbing capital

L 15.2 Profit-smoothing reserve 121.099 +8.129 – 129.229 L 15.2 OeNB Anniversary Fund for the Promotion of

Scientific Research and Teaching OeNB Anniversary Fund National Foundation1 endowment 1,500.000 – –47.100 1,452.900OeNB Anniversary Fund (initial funding) 37.500 – – 37.500

1,658.599 +8.129 –47.100 1,619.629

Total 7,581.862 +158.129 –47.100 7,692.892

1 National Foundation for Research, Technology and Development.

Note: L = liability item.


The Republic of Austria is the holder of 100% of the OeNB’s shares. Pursuant to Article 69 paragraph 3 Nationalbank Act, the central government’s share of profit corresponds to 90% of the OeNB’s operating profit after corporate income tax; from the remaining share of the profit for the year, the central government additionally receives, by decision of the General Meeting, a dividend of up to 10% of its share of the OeNB’s capital.

Lending by the OeNB to its employees in the form of advances on salaries and employer loans is reported in asset item 11.6 Sundry.

The remuneration received by the members of the Governing Board and of the General Council is reported in the profit and loss account item 7 Staff costs.

In 2018, the OeNB did not enter into any transactions with Governing Board members that did not directly concern the latter’s tasks as members of the Governing Board.

There are no services and work contracts between members of the General Council and the OeNB in evidence that extend beyond the former’s activities as members of the General Council.

The OeNB’s net currency positionTable 4 shows the OeNB’s net currency position as on December 31, 2017, and December 31, 2018.

Net equityThe presentation of net equity by the NCBs of the Eurosystem is in line with that of the ECB (table 5).

Notes on the balance sheet

Assets1 Gold and gold receivables

The OeNB’s gold holdings amounted to 9,002,107.53 fine ounces or 279,996.84 kg of fine gold on December 31, 2018. Given a valuation price of EUR 1,120.961 per fine ounce (i.e. EUR 36,039.73 per kg of fine gold), the OeNB’s gold holdings were worth EUR 10,091.011 million on the balance sheet date.

Table 4

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %Gold and gold receivables 10,091.011 9,739.211 +351.801 +3.6Claims on non-euro area residents denominated in foreign currency 10,231.052 8,228.812 +2,002.241 +24.3Claims on euro area residents denominated in foreign currency 932.847 1,103.167 –170.320 –15.4Other assets 63.233 39.033 +24.200 +62.0

less:Liabilities to euro area residents denominated in foreign currency 0.044 0.083 –0.039 –46.8Counterpart of Special Drawing Rights allocated by the IMF 2,110.316 2,062.046 +48.270 +2.3Other liabilities 9.537 2.964 +6.574 n.a.Revaluation accounts1 29.769 24.804 +4.965 +20.0

19,168.477 17,020.325 +2,148.152 +12.6

Transactions not disclosed in the balance sheet (net) 769.223 1,327.119 –557.895 –42.0

Total 19,937.700 18,347.444 +1,590.256 +8.7

1 Resulting from the change in net unrealized exchange rate gains on foreign currency-denominated securities and off balance sheet transactions as on December 31, 2017, and December 31, 2018, respectively.

Table 5


L 13 Risk provisions (equivalent to reserves) 3,950.000 +150.000 – 4,100.000L 14 Revaluation accounts1 8,898.368 +147.420 – 9,045.788L 15.1 Capital 12.000 – – 12.000L 15.2 Reserves

Reserve for nondomestic and price risks 1,973.263 – – 1,973.263Profit-smoothing reserve 121.099 +8.129 – 129.229OeNB Anniversary Fund for the Promotion of Scientific Research and Teaching

OeNB Anniversary Fund National Foundation endowment 1,500.000 – –47.100 1,452.900OeNB Anniversary Fund (initial funding) 37.500 – – 37.500

Net equity 16,492.231 +305.549 –47.100 16,750.680

1 Includes unrealized valuation gains as well as revaluation effects from the revaluation of participating interests recorded in the opening balance sheet of January 1, 1999.

Note: L = liability item.Closing balance EUR million

December 31, 2018 10,091.011December 31, 2017 9,739.211

Change +351.801 (+3.6%)



The annual change reflects valuation as on December 31, 2018.

2 Claims on non-euro area residents denominated in foreign currency

Table 6 shows asset item 2.1 Receivables from the IMF.The claim on the participation in the IMF in

creased by EUR 212.160 million to EUR 620.471 million, with EUR 203.644 million of this

6 Pursuant to Federal Law Gazette No. 440/1969, the OeNB is entitled to participate in the SDR system on its own account on behalf of the Republic of Austria and to enter the SDRs purchased or allocated gratuitously on the asset side of the balance sheet.

increase resulting from net credit and debit entries. Moreover, valuation changes and the net effects of exchange rate gains and book value reconciliation totaled +EUR 8.517 million.

The IMF updates its rate of remuneration on a weekly basis. In 2018, this rate hovered between 0.764% and 1.121% per annum, mirroring the prevailing SDR interest rate.

SDRs6 were recognized in the balance sheet at SDR 1,684.993 4million (EUR 2,047.941 million) at December 31, 2018. The EUR 119.757 million net increase in 2018 resulted largely from SDR purchases (+EUR 66.354 million), SDR valuation (+EUR 27.851 million), realized gains/losses (+EUR 17.408 million) as

Closing balance EUR million


Change +2,002.241 (+24.3%)

Table 6

December 31, 2018 December 31, 2017 Change

EUR million EUR million EUR million %

Total claims (Austrian quota)1 equivalent to SDR 3,932.0 million 4,778.953 4,669.643 +109.310 +2.3less: Balances at the disposal of the IMF 4,158.482 4,261.332 –102.851 –2.4

Claim on the participation in the IMF 620.471 408.311 +212.160 +52.0SDRs 2,047.941 1,928.184 +119.757 +6.2Other claims on the IMF 167.815 238.796 –70.980 –29.7

Total 2,836.227 2,575.291 +260.937 +10.1

1 Pursuant to Federal Law Gazette No. 309/1971, the OeNB manages the entire quota on its own account on behalf of the Republic of Austria.

The OeNB’s net currency positionTable 4 shows the OeNB’s net currency position as on December 31, 2017, and December 31, 2018.

Net equityThe presentation of net equity by the NCBs of the Eurosystem is in line with that of the ECB (table 5).

Notes on the balance sheet

Assets1 Gold and gold receivables

The OeNB’s gold holdings amounted to 9,002,107.53 fine ounces or 279,996.84 kg of fine gold on December 31, 2018. Given a valuation price of EUR 1,120.961 per fine ounce (i.e. EUR 36,039.73 per kg of fine gold), the OeNB’s gold holdings were worth EUR 10,091.011 million on the balance sheet date.

Table 4

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %Gold and gold receivables 10,091.011 9,739.211 +351.801 +3.6Claims on non-euro area residents denominated in foreign currency 10,231.052 8,228.812 +2,002.241 +24.3Claims on euro area residents denominated in foreign currency 932.847 1,103.167 –170.320 –15.4Other assets 63.233 39.033 +24.200 +62.0

less:Liabilities to euro area residents denominated in foreign currency 0.044 0.083 –0.039 –46.8Counterpart of Special Drawing Rights allocated by the IMF 2,110.316 2,062.046 +48.270 +2.3Other liabilities 9.537 2.964 +6.574 n.a.Revaluation accounts1 29.769 24.804 +4.965 +20.0

19,168.477 17,020.325 +2,148.152 +12.6

Transactions not disclosed in the balance sheet (net) 769.223 1,327.119 –557.895 –42.0

Total 19,937.700 18,347.444 +1,590.256 +8.7

1 Resulting from the change in net unrealized exchange rate gains on foreign currency-denominated securities and off balance sheet transactions as on December 31, 2017, and December 31, 2018, respectively.

Table 5


L 13 Risk provisions (equivalent to reserves) 3,950.000 +150.000 – 4,100.000L 14 Revaluation accounts1 8,898.368 +147.420 – 9,045.788L 15.1 Capital 12.000 – – 12.000L 15.2 Reserves

Reserve for nondomestic and price risks 1,973.263 – – 1,973.263Profit-smoothing reserve 121.099 +8.129 – 129.229OeNB Anniversary Fund for the Promotion of Scientific Research and Teaching

OeNB Anniversary Fund National Foundation endowment 1,500.000 – –47.100 1,452.900OeNB Anniversary Fund (initial funding) 37.500 – – 37.500

Net equity 16,492.231 +305.549 –47.100 16,750.680

1 Includes unrealized valuation gains as well as revaluation effects from the revaluation of participating interests recorded in the opening balance sheet of January 1, 1999.

Note: L = liability item.


well as interest credited and credits for repayments under the New Arrangements to Borrow (NAB) and the remuneration (+EUR 9.098 million). Sales of SDRs amounted to EUR 0.955 million.

Under the IMF’s Articles of Agreement, the OeNB is obligated to provide currency on demand in exchange for SDRs up to the point at which its SDR holdings are three times as high as its gratuitously allocated SDRs (see liability item 9 Counterpart of Special Drawing Rights allocated by the IMF). The OeNB’s net cumulative allocation of SDRs totaled SDR 1,736.314 million (EUR 2,110.316 million) at the balance sheet date. See the Notes on transactions not disclosed in the balance sheet for information about this obligation to provide currency on demand, which would result in a claim of the same size.

The OeNB’s claims arising from the NAB in connection with IMF assistance programs are shown under other claims on the IMF. The NAB entered into effect on March 11, 2011, and on November 4, 2016, the IMF approved a renewal of the NAB for five years (November 2017 to November 2022), with the credit amounts and the applicable terms and conditions remaining unchanged. Federal Law Gazette I No. 114/2010 authorized the OeNB to increase its credit line under the NAB to up to SDR 3.6 billion (EUR 4.4 billion) on behalf of the Republic of Austria. The IMF and Austria have agreed on a maximum credit amount under the NAB of SDR 1,818.490 million (EUR 2,210.193 million), after the amount of the NAB had been

reduced for all NAB members as part of the agreement on the 14th general review of IMF quotas.

So far, a total of SDR 637.400 million (EUR 774.696 million) have been drawn from the OeNB’s credit line under the NAB, while repayments have totaled SDR 499.326 million (EUR 606.881 million), bringing net drawings to SDR 138.074 million at the balance sheet date, which is equivalent to EUR 167.815 million.

As on December 31, 2018, a contingent liability to the IMF for the undrawn part under the NAB was included. The IMF could call on these resources for lending purposes against remuneration, which would result in a claim of the same size (see Notes on transactions not dis-closed in the balance sheet).

Federal Law Gazette I No. 101/2013 authorized the OeNB to provide a temporary credit line with a maximum amount of EUR 6.13 billion under a bilateral borrowing agreement with the IMF. In 2017, the OeNB and the IMF signed a new bilateral borrowing agreement with immediate effect, with the credit amount remaining unchanged. The agreement is valid for two years and may be renewed once for one year. In this connection, a contingent liability to the IMF under the bilateral borrowing agreement has been included, which the IMF could call on against remuneration and which would result in a claim of the same size (see Notes on transactions not disclosed in the balance sheet).

Table 7 shows asset item 2.2 Balances with banks and security investments, external loans and other external assets.

Table 7



Securities 6,726.379 5,079.966 +1,646.413 +32.4Balances with banks 668.446 573.555 +94.891 +16.5

Total 7,394.825 5,653.521 +1,741.304 +30.8



3 Claims on euro area residents denominated in foreign currency

Table 8 shows claims on euro area residents denominated in foreign currency.

4 Claims on non-euro area residents de no minated in euro

Table 9 shows the composition of asset item 4.1 Claims on non-euro area residents denominated in euro on December 31, 2017, and December 31, 2018.

As in the previous year, no impairment losses were recorded for heldtomaturity securities on the balance sheet date. Securities other than heldtomaturity are recognized at market value.

5 Lending to euro area credit institutions related to monetary policy operations denominated in euro

Table 10 shows the liquidityproviding transactions executed by the OeNB.

Income accruing to the Eurosystem NCBs in their performance of monetary policy operations is allocated to the NCBs (see profit and loss account item 5 Net result of pooling monetary income). In accordance with Article 32.4 of the Statute of the ESCB and of the ECB, losses from monetary policy operations, if they were to materialize, are to be shared in full by the Eurosystem NCBs, in proportion to the prevailing ECB capital key shares.

Losses can only materialize if both the counterparty fails and the recovery of funds received from the resolution of the collateral provided by the counterparty is not sufficient. For specific collateral which can be accepted by NCBs at their own discretion, risk sharing has been excluded by the Governing Council of the ECB.

5.1 Main refinancing operations

The Eurosystem’s main refinancing operations provide credit institutions in the euro area with

Table 8



Balances with banks 277.766 688.068 –410.301 –59.6Securities 655.081 415.100 +239.981 +57.8

Total 932.847 1,103.167 –170.320 –15.4

Table 9


EUR million EUR million EUR million %Securities 1,093.001 876.187 +216.814 +24.7Held-to-maturity securities 211.554 252.114 –40.560 –16.1

Total 1,304.556 1,128.301 +176.254 +15.6

Table 10



5.1 Main refinancing operations 1,302.000 285.000 +1,017.000 n.a.5.2 Longer-term refinancing operations 19,812.390 19,827.390 –15.000 –0.1

Total 21,114.390 20,112.390 +1,002.000 +5.0


liquidity on a weekly basis. They are executed with a maturity of normally one week, on the basis of standard tenders.7 Since October 2008, these operations have been conducted as fixed rate tender procedures with full allotment. These operations play a key role in achieving the aims of steering interest rates, managing market liquidity and signaling the monetary policy stance.

The interest rate on the main refinancing operations has stood at 0% per annum since March 16, 2016.8

5.2 Longer-term refinancing operations

Longerterm refinancing operations aim to provide counterparties with longerterm liquidity, in addition to the main refinancing operations. In 2018, these operations were conducted as fixed rate tender procedures with full allotment with a maturity of three months.

The interest rate on longerterm refinancing operations (except for targeted longerterm refinancing operations II, TLTROs II) is equivalent to the interest rate on the main refinancing operations.

In 2016, the Governing Council of the ECB decided to launch four TLTROs II. These operations have a fouryear maturity, with a possibility of repayment after two years.9 According to the decisions taken by the Governing Council of the ECB, the final interest rate applicable to each TLTRO II operation depended on the lending behavior of the counterparties for the period between February 1, 2016, and January 31, 2018, and would be between the interest rate on the main refinancing operations and the deposit facility rate at the time of the allotment. Given that the actual rate could only be known in 2018 and a reliable estimate was not possible

7 Guideline of the ECB of 19 December 2014 on the implementation of the Eurosystem monetary policy framework (ECB/2014/60), as amended on February 7, 2018 (ECB/2018/3).

8 Decision of the Governing Council of the ECB of March 10, 2016.9 Decision of the ECB of 28 April 2016 on a second series of targeted longer-term refinancing operations (ECB/2016/10), as amended

on October 31, 2016 (ECB/2016/30).10 Decision of the ECB of 3 November 2011 on the implementation of the second covered bond purchase programme (ECB/2011/17) and

Decision of the ECB of 15 October 2014 on the implementation of the third covered bond purchase programme (ECB/2014/40), as amended on November 20, 2017 (ECB/2017/37).

11 Decision of the ECB of 14 May 2010 establishing a securities markets programme (ECB/2010/5).12 Decision of the ECB of 4 March 2015 on a secondary markets public sector asset purchase programme (ECB/2015/10), as amended on

January 11, 2017 (ECB/2017/1).

until this time, the deposit facility rate was used for calculating the TLTRO II interest up to the end of 2017, as this was deemed a prudent approach. Interest income as revised for that period – resulting from the difference between the deposit facility rate and the actual rate – was recorded in the profit and loss account item 1 Net interest income in 2018.

The refinancing operations under TLTRO II were conducted in 2016 and 2017. The OeNB conducted a total of 63 operations with Austrian credit institutions in the total amount of EUR 20.0 billion (Eurosystem: EUR 740.2 billion). The maturity periods of these operations are June 29, 2016, to June 24, 2020; September 28, 2016, to September 30, 2020; December 21, 2016, to December 16, 2020, and March 29, 2017, to March 24, 2021).

Net of early repayments to the OeNB, the amount of outstanding refinancing operations under TLTRO II on December 31, 2018, equaled EUR 19.8 billion (Eurosystem: EUR 718.9 billion).

7 Securities of euro area residents denominated in euro

Table 11 shows the composition of this balance sheet item on December 31, 2017, and on December 31, 2018.

7.1 Securities held for monetary policy purposes

This balance sheet item consists of securities acquired by the OeNB within the scope of the CBPP10, the SMP11 and the PSPP12.

Tables 12 and 13 show the amortized cost (= book value), the market value (which is provided here for information only) and the nominal value of the securities purchased under the programs mentioned above.

Table 11



7.1 Securities held for monetary policy purposes 59,516.224 53,970.734 +5,545.491 +10.37.2 Other securities 7,883.060 8,852.469 –969.409 –11.0

of which:Securities 6,771.290 7,471.033 –699.743 –9.4Held-to-maturity securities 1,111.771 1,381.436 –269.665 –19.5

Total 67,399.285 62,823.203 +4,576.082 +7.3

Table 12

December 31, 2018

December 31, 2017

Change December 31, 2018

December 31, 2017

Change

Book value Market value

EUR million EUR million EUR million % EUR million EUR million EUR million %

CBPP2 276.402 336.683 –60.281 –17.9 293.014 360.810 –67.796 –18.8CBPP3 6,960.862 5,723.330 +1,237.532 +21.6 7,027.935 5,775.583 +1,252.353 +21.7SMP 1,935.447 2,389.038 –453.591 –19.0 2,068.727 2,639.187 –570.460 –21.6

PSPP1 50,343.513 45,521.683 +4,821.830 +10.6 50,983.708 45,635.017 +5,348.691 +11.7

Total 59,516.224 53,970.734 +5,545.491 +10.3 60,373.385 54,410.597 +5,962.787 +11.0

1 Government/agency bonds.



Under the CBPP2, the ECB and the NCBs purchased eurodenominated covered bonds issued in the euro area with the objective of easing funding conditions for credit institutions and enterprises and encouraging credit institutions to maintain and expand lending to customers. The program ended in October 2012.

Under the SMP, the ECB and the NCBs purchased euro area public and private debt securities to address the malfunctioning of certain segments of the euro area debt securities markets and to restore the proper functioning of the monetary policy transmission mechanism. By decision of the Governing Council of the ECB, the SMP was discontinued in September 2012.

Since October 2014, the ECB and the NCBs have been making both primary and secondary market purchases of covered bonds denominated in euro and issued in the euro area under the CBPP3 with the objective of easing funding conditions for credit institutions.

In January 2015, the Governing Council of the ECB decided to expand the existing purchase

programs by the secondary market public sector asset purchase programme (PSPP). This program is aimed at further easing monetary and financial conditions, including borrowing conditions for nonfinancial corporations and households in the euro area, to support consumption and corporate investment in the euro area as a whole. Under the PSPP, the ECB and the NCBs may purchase eurodenominated bonds issued by euro area governments or agencies (PSPP government/agency bonds) and by European institutions (PSPP supranational bonds) on the secondary market.

Table 13

December 31, 2018

December 31, 2017

Change

Nominal value


CBPP2 276.600 336.900 –60.300 –17.9CBPP3 6,876.278 5,606.111 +1,270.167 +22.7SMP 1,959.767 2,428.767 –469.000 –19.3PSPP1 44,153.424 38,930.883 +5,222.541 +13.4

Total 53,266.069 47,302.661 +5,963.408 +12.6


until this time, the deposit facility rate was used for calculating the TLTRO II interest up to the end of 2017, as this was deemed a prudent approach. Interest income as revised for that period – resulting from the difference between the deposit facility rate and the actual rate – was recorded in the profit and loss account item 1 Net interest income in 2018.

The refinancing operations under TLTRO II were conducted in 2016 and 2017. The OeNB conducted a total of 63 operations with Austrian credit institutions in the total amount of EUR 20.0 billion (Eurosystem: EUR 740.2 billion). The maturity periods of these operations are June 29, 2016, to June 24, 2020; September 28, 2016, to September 30, 2020; December 21, 2016, to December 16, 2020, and March 29, 2017, to March 24, 2021).

Net of early repayments to the OeNB, the amount of outstanding refinancing operations under TLTRO II on December 31, 2018, equaled EUR 19.8 billion (Eurosystem: EUR 718.9 billion).

7 Securities of euro area residents denominated in euro

Table 11 shows the composition of this balance sheet item on December 31, 2017, and on December 31, 2018.

7.1 Securities held for monetary policy purposes

This balance sheet item consists of securities acquired by the OeNB within the scope of the CBPP10, the SMP11 and the PSPP12.

Tables 12 and 13 show the amortized cost (= book value), the market value (which is provided here for information only) and the nominal value of the securities purchased under the programs mentioned above.

Table 11



7.1 Securities held for monetary policy purposes 59,516.224 53,970.734 +5,545.491 +10.37.2 Other securities 7,883.060 8,852.469 –969.409 –11.0

of which:Securities 6,771.290 7,471.033 –699.743 –9.4Held-to-maturity securities 1,111.771 1,381.436 –269.665 –19.5

Total 67,399.285 62,823.203 +4,576.082 +7.3

Table 12

December 31, 2018

December 31, 2017

Change December 31, 2018

December 31, 2017

Change

Book value Market value

EUR million EUR million EUR million % EUR million EUR million EUR million %

CBPP2 276.402 336.683 –60.281 –17.9 293.014 360.810 –67.796 –18.8CBPP3 6,960.862 5,723.330 +1,237.532 +21.6 7,027.935 5,775.583 +1,252.353 +21.7SMP 1,935.447 2,389.038 –453.591 –19.0 2,068.727 2,639.187 –570.460 –21.6

PSPP1 50,343.513 45,521.683 +4,821.830 +10.6 50,983.708 45,635.017 +5,348.691 +11.7

Total 59,516.224 53,970.734 +5,545.491 +10.3 60,373.385 54,410.597 +5,962.787 +11.0



In 2016, the corporate sector purchase programme (CSPP)13 was added to the expanded asset purchase programme (APP), which already comprised the CBPP3, the ABSPP14 and the PSPP. Securities purchases under the ABSPP and the CSPP are not conducted by the OeNB but by the ECB and some Eurosystem NCBs.

In 2018, the Eurosystem continued its securities purchases under the APP. The monthly pace of combined net APP purchases by the NCBs and the ECB was EUR 30 billion on average until September 2018, and EUR 15 billion from October 2018 until the end of the year, when the net purchases ended. The Governing Council intends to continue reinvesting, in full, the principal payments from maturing securities purchased under the APP for an extended period of time past the date when it starts raising the key ECB interest rates, and in any case for as long as necessary to maintain favorable liquidity conditions and an ample degree of monetary accommodation.15

Profits or losses on securities held for monetary policy purposes are pooled and redistributed within the framework of the allocation of monetary income within the Eurosystem. For securities purchased under the CBPP116 and CBPP2 as well as government/agency bonds purchased under the PSPP, remuneration at the interest rate on the main refinancing operations is assumed. Any losses incurred under these programs are not shared by the Eurosystem NCBs. For securities purchased under the SMP, CBPP3, ABSPP and CSPP as well as supranational bonds purchased under the PSPP, remuneration is based on the actual return. In accordance with the decision of the Governing Council of the ECB taken under Article 32.4 of the Statute of the ESCB and of the ECB, losses

13 Decision of the ECB of 1 June 2016 on the implementation of the corporate sector purchase programme (ECB/2016/16), as amended on May 18, 2017 (ECB/2017/13).

14 Decision of the ECB of 19 November 2014 on the implementation of the asset-backed securities purchase programme (ECB/2014/45), as amended on May 18, 2017 (ECB/2017/15).

15 Decision of the ECB of 13 December 2018.16 The last covered bonds the OeNB had purchased under the CBPP1 were repaid in 2017.

from securities held under the SMP, CBPP3, ABSPP and CSPP or from supranational bonds held under the PSPP, if they were to materialize, are shared in full by the Eurosystem NCBs, in proportion to the ECB capital key shares prevailing in the financial year in which the relevant losses occur.

The Governing Council of the ECB assesses on a regular basis the financial risks associated with the securities held under all these programs. Annual impairment tests are conducted on the basis of the estimated recoverable amounts as at the yearend and are approved by the Governing Council.

In 2018, as a result of an impairment test conducted on the CSPP portfolio, the Governing Council deemed it appropriate to establish a provision against losses in monetary policy operations in accordance with the principle of prudence (see liability item 13 Provisions). The security in the CSPP portfolio deemed to be impaired in 2017 was sold in January 2018. The realized loss due to that was fully covered by the usage of the provision.

As a result of an impairment test conducted at the end of 2018 on securities purchased under the CBPP1, CBPP2, CBPP3, SMP, PSPP and ABSPP, the Governing Council of the ECB decided that all future cash flows on these securities are expected to be received. As in the previous year, no losses were recorded for the securities held in any of these programs as at December 31, 2018.

7.2 Other securities

As in the previous year, on the balance sheet date, no impairment losses were recorded for held tomaturity securities. Securities other than heldtomaturity are recognized at market value.



8 General government debt denominated in euro

This balance sheet item corresponds fully to the claim on the Austrian Federal Treasury from silver commemorative coins issued before 1989, based on the 1988 Coinage Act as promulgated in Federal Law Gazette No. 597/1988, as amended; Article 21 paragraph 1 item 2 of this Act expressly authorizes the OeNB to include in its balance sheet an unremunerated claim on the central government in the amount of the face value of the accumulated silver coins. Table 14 shows the changes in 2018.

The central government will have to repay any redeemable amount outstanding on December 31, 2040, in equal annual installments over the five following years (2041 to 2045). The estimated redeemable amount outstanding is covered by a provision (see liability item 13 Provisions). The actual amount can be determined only at the end of 2040.

17 According to Article 30 of the Statute of the ESCB and of the ECB.

9 Intra-Eurosystem claims

Table 15 shows the composition of intra-Euro-system claims on December 31, 2017, and December 31, 2018.

9.1 Participating interest in the ECB

Pursuant to Article 28 of the Statute of the ESCB and of the ECB, the NCBs of the ESCB are the sole subscribers to the capital of the ECB. This balance sheet item shows the OeNB’s share in the ECB’s capital under Article 29 of the Statute of the ESCB and of the ECB.

The ECB capital key must be adjusted every five years. The most recent adjustment as a result of the accession of a Member State took effect on January 1, 2015. On December 31, 2018, the OeNB’s share in the ECB’s paidup capital (capital key) amounted to 2.7888%.

9.2 Claims equivalent to the transfer of foreign reserves

This balance sheet item represents the OeNB’s claims arising from the transfer of foreign reserve assets17 to the ECB. The claims are presented at the euro value the corresponding assets had at the time they were transferred to the ECB. The remuneration of these claims is calculated daily at the latest available marginal interest rate used by the Eurosystem in its tenders for main


December 31, 2018 396.792December 31, 2017 399.345

Change –2.554 (–0.6%)

Table 14

EUR million

Government remuneration for silver commemorative coins returned to Münze Österreich AG +4.645Proceeds from metal recovery –1.385Redemptions made from the central government’s share of profit in 2017 –5.814

Total –2.554



Change –1,438.870 (–4.6%)

Table 15

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %9.1 Participating interest in the ECB 221.613 221.613 – –9.2 Claims equivalent to the transfer of foreign reserves 1,137.637 1,137.637 – –9.4 Net claims related to the allocation of euro banknotes

within the Eurosystem 28,249.964 29,688.833 –1,438.870 –4.8

Total 29,609.214 31,048.083 –1,438.870 –4.6


11.2 Tangible and intangible fixed assets

Table 17 shows the composition of this balance sheet item.

Equipment contains, inter alia, office equipment, the art collection, IT hardware and software as well as motor vehicles.

Tangible real assets comprise the coins of the OeNB’s Money Museum and the OeNB’s collection of historical string instruments. In 2018, four violins were added to the collection of historical string instruments, which as at December 31, 2018, comprised 35 violins, 6 violoncellos and 3 violas. The string instruments are on loan to musicians under the OeNB’s cultural promotion program.

11.3 Other financial assets

Table 18 shows other financial assets.EUR 1,672.723 million of the OeNB’s total

securities portfolio represent investments of pension reserve assets, another EUR 1,494.815 million reflect investments of the OeNB Anni-versary Fund for the Promotion of Scientific Research and Teaching (of which EUR 1,449.329 million were earmarked as an endowment for the National Foundation). Under its own funds management, the OeNB had invested EUR 3,108.649 million.18

Of the participating interests, EUR 389.315 million formed part of the own funds portfolio

18 The OeNB’s own funds shown under liabilities include its capital, the reserve for nondomestic and price risks, the profit-smoothing reserve, earmarked ERP capital and the risk provisions.

Table 17

Purchase and production costs as at

January 1, 2018

Accumulated depreciation as at

January 1, 2018

Book value as at January 1, 2018

Purchases

Annual depreciation

Sales

Depreciation sales

Transfer

Depreciation transfer


December 31, 2018


December 31, 2018

Book value as at December 31, 2018

EUR million EUR million EUR million EUR million EUR million

Premises1 119.3502 0.956 –0.087 – 120.219–70.898 –4.626 0.005 – –75.519

48.452 44.699

Equipment 104.321 8.079 –19.602 – 92.798–67.956 –11.216 19.492 – –59.680

36.365 33.118

Tangible real assets 53.196 1.121 – – 54.317–3.078 – – – –3.07850.118 51.239

Intangible fixed assets 0.090 – – – 0.090–0.090 – – – –0.090

– –

Total 276.957 10.156 –19.689 – 267.423–142.022 –15.842 19.497 – –138.367

134.935 129.0561 The book value of developed land equals EUR 0.2 Premises acquired prior to December 31, 1956, were booked at the cost recorded in the schilling opening balance sheet (Federal Law Gazette No. 190/1954).

Table 18

December 31, 2018 December 31, 2017 ChangeEUR million EUR million EUR million %

Securities 6,276.187 6,603.334 –327.147 –5.0Participating interests 690.143 684.495 +5.648 +0.8Other investment 0.948 0.679 +0.269 +39.7

Total 6,967.278 7,288.508 –321.230 –4.4

refinancing operations, adjusted to reflect a zero return on the gold component. The OeNB does not have a claim on the ECB for retransfer of these foreign reserve assets as the corresponding claims are denominated in euro. See the Notes on transactions not disclosed in the balance sheet for information about any additional capital contributions to be transferred to the ECB.

9.4 Net claims related to the allocation of euro banknotes within the Eurosystem

This balance sheet item consists of the OeNB’s claims visàvis the Eurosystem relating to the

allocation of euro banknotes within the Eurosystem (see also Banknotes in circulation, intra- Eurosystem balances and interim ECB profit distri-bution).

11 Other assets

Table 16 shows other assets.

11.1 Coins of euro area

This balance sheet item represents the OeNB’s stock of fit coins issued by euro area countries.

Table 16

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %

11.1 Coins of euro area 111.346 99.877 +11.470 +11.511.2 Tangible and intangible fixed assets 129.056 134.935 –5.879 –4.411.3 Other financial assets 6,967.278 7,288.508 –321.230 –4.411.5 Accruals and prepaid expenses 739.849 687.067 +52.782 +7.711.6 Sundry 923.751 923.416 +0.335 +0.0

Total 8,871.280 9,133.803 –262.523 –2.9



11.2 Tangible and intangible fixed assets


Equipment contains, inter alia, office equipment, the art collection, IT hardware and software as well as motor vehicles.

Tangible real assets comprise the coins of the OeNB’s Money Museum and the OeNB’s collection of historical string instruments. In 2018, four violins were added to the collection of historical string instruments, which as at December 31, 2018, comprised 35 violins, 6 violoncellos and 3 violas. The string instruments are on loan to musicians under the OeNB’s cultural promotion program.

11.3 Other financial assets

Table 18 shows other financial assets.EUR 1,672.723 million of the OeNB’s total

securities portfolio represent investments of pension reserve assets, another EUR 1,494.815 million reflect investments of the OeNB Anni-versary Fund for the Promotion of Scientific Research and Teaching (of which EUR 1,449.329 million were earmarked as an endowment for the National Foundation). Under its own funds management, the OeNB had invested EUR 3,108.649 million.18

Of the participating interests, EUR 389.315 million formed part of the own funds portfolio

18 The OeNB’s own funds shown under liabilities include its capital, the reserve for nondomestic and price risks, the profit-smoothing reserve, earmarked ERP capital and the risk provisions.

and EUR 300.827 million part of the investment portfolio relating to the investment of the pension reserve assets. Table 19 shows the changes in participating interests.

11.5 Accruals and prepaid expenses

Table 20 shows the composition of accruals and prepaid expenses.

11.6 Sundry

Table 21 shows the composition of sundry assets.Pursuant to Article 3 paragraph 2 ERP Fund

Act, the OeNB’s maximum financing commitment corresponds to the sum by which the federal debt was written down initially (EUR 341.955 million) plus interest accrued on a reserve account (EUR 661.869 million on December 31, 2018). The ERP loan portfolio managed by the OeNB thus totaled EUR 1,003.824 million on December 31, 2018. The provisions governing

Table 17


January 1, 2018


January 1, 2018

Book value as at January 1, 2018

Purchases

Annual depreciation

Sales

Depreciation sales

Transfer

Depreciation transfer


December 31, 2018


December 31, 2018

Book value as at December 31, 2018

EUR million EUR million EUR million EUR million EUR million

Premises1 119.3502 0.956 –0.087 – 120.219–70.898 –4.626 0.005 – –75.519

48.452 44.699

Equipment 104.321 8.079 –19.602 – 92.798–67.956 –11.216 19.492 – –59.680

36.365 33.118

Tangible real assets 53.196 1.121 – – 54.317–3.078 – – – –3.07850.118 51.239

Intangible fixed assets 0.090 – – – 0.090–0.090 – – – –0.090

– –

Total 276.957 10.156 –19.689 – 267.423–142.022 –15.842 19.497 – –138.367

134.935 129.0561 The book value of developed land equals EUR 0.2 Premises acquired prior to December 31, 1956, were booked at the cost recorded in the schilling opening balance sheet (Federal Law Gazette No. 190/1954).

Table 18


Securities 6,276.187 6,603.334 –327.147 –5.0Participating interests 690.143 684.495 +5.648 +0.8Other investment 0.948 0.679 +0.269 +39.7

Total 6,967.278 7,288.508 –321.230 –4.4

Table 19

EUR million

Net asset value on December 31, 2017 684.495Purchases in 2018 –Sales in 2018 (at book value) –0.061Annual depreciation in 2018 –Revaluation in 2018 +5.708Net asset value on December 31, 2018 690.143

Table 20

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %Accrued income 11.562 13.016 –1.454 –11.2Prepaid expenses 728.288 674.052 +54.236 +8.0

Total 739.849 687.067 +52.782 +7.7


the extension of loans from this portfolio are laid down in Article 83 Nationalbank Act.

The residual terms of almost all advances on salaries exceed one year. All advance payments and employer loans are secured by life insurance or credit default insurance contracts.

Liabilities1 Banknotes in circulation

This item consists of the OeNB’s share of the total euro banknotes in circulation (table 22).

See section Banknotes in circulation, intra- Eurosystem balances and interim ECB profit distri-bution for further explanations on this item.

2 Liabilities to euro area credit institutions related to monetary policy operations denominated in euro


2.1 Current accounts (covering the minimum reserve system)

This balance sheet item contains the credit balances on the transaction accounts of credit institutions that are required to hold minimum reserves. Banks’ minimum reserve balances have been remunerated since January 1, 1999,

Table 21


Claims arising from ERP loans to companies 615.617 705.136 –89.519 –12.7Schilling coins 4.537 4.049 +0.488 +12.1Advances on salaries 9.310 9.783 –0.472 –4.8Employer loans 20.869 22.325 –1.457 –6.5Advances 4.368 6.968 –2.601 –37.3Claims on the tax authorities arising from corporate income tax prepayment 17.034 17.007 +0.027 +0.2Accounts receivable 13.367 13.506 –0.139 –1.0Claims on Münze Österreich AG in respect of

the simultaneous capitalization of the dividend claim in 2018 and 2017 54.752 76.287 –21.535 –28.2unsettled schilling coin returns 0.015 0.070 –0.056 –79.1

Balancing item relating to forward sales or purchases 181.634 66.999 +114.635 n.a.Other accounts receivable 2.247 1.285 +0.963 +74.9

Total 923.751 923.416 +0.335 +0.0



Change +1,550.024 (+5.2%)

Table 22

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million

Total value of euro banknotes put into circulation 3,334.779 345.886 +2,988.893Adjusted for: net claims related to the allocation of euro banknotes within the Eurosystem 28,249.964 29,688.833 –1,438.870

of which:Claims related to the allocation of euro banknotes within the Eurosystem 30,996.703 32,300.777 –1,304.073less:Liabilities resulting from the ECB’s share in euro banknotes in circulation1 –2,746.740 –2,611.943 –134.796

Total 2 31,584.743 30,034.719 +1,550.024

1 The amount corresponds to the OeNB’s share in the 8% of the total value of euro banknotes in circulation that is recorded in the balance sheet of the ECB.2 This corresponds to 2.5655% of the total amount of euro banknotes in circulation as at December 31, 2018, and December 31, 2017.



at the latest available marginal interest rate used by the Eurosystem in its tenders for main refinancing operations. Since June 2014, the reserve holdings exceeding the required minimum reserves have been remunerated at 0% or the deposit facility rate, whichever is lower.

2.2 Deposit facility

The item deposit facility refers to overnight deposits placed with the OeNB by credit institutions that access the liquidityabsorbing standing facility at a prespecified rate. The interest rate on the deposit facility has stood at –0.40% per annum since March 16, 2016.

5 Liabilities to other euro area residents denominated in euro

This balance sheet item comprises general government deposits of EUR 1,609.940 million (–EUR 561.982 million) and current account holdings to the amount of EUR 4,537.078 million (–EUR 2,541.130 million) of credit institutions not required to hold minimum reserves and of enterprises.

6 Liabilities to non-euro area residents denominated in euro

This balance sheet item consists of balances of central banks, credit institutions and supranational financial institutions resident outside the euro area.

9 Counterpart of Special Drawing Rights allocated by the IMF

This balance sheet item represents the euro equivalent of the SDR 1,736.314 million allocated gratuitously to the OeNB by the IMF, measured at current market values. The OeNB was allocated SDRs on each January 1, from 1970 to 1972 and from 1979 to 1981 as well as on August 28 and September 9, 2009 (see asset item 2.1 Receivables from the IMF). The increase in this item results from valuation effects as well as realized exchange rate differences and book value reconciliation.

10 Intra-Eurosystem liabilities

This balance sheet item shows the OeNB’s net liabilities arising from transactions with the NCBs participating in TARGET2 and with the ECB. It also comprises the nonremunerated liabilities to the ECB resulting from EUR/USD swap transactions between the ECB and the OeNB. Moreover, this item covers the Eurosystem balance arising at yearend from the monetary income reallocation and the balances arising from the interim ECB profit distribution.

Intra-Eurosystem liabilities with the ECB (excluding the abovementioned swap transactions) are remunerated on a daily basis at the prevailing interest rate on the Eurosystem’s main refinancing operations.

Table 23

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %2.1 Current accounts

(covering the minimum reserve system) 37,521.247 31,638.747 +5,882.500 +18.62.2 Deposit facility 4,769.000 4,020.000 +749.000 +18.6

Total 42,290.247 35,658.747 +6,631.500 +18.6



Change –3,103.112 (–33.5%)


December 31, 2018 2,065.493December 31, 2017 939.580

Change +1,125.914 (+119.8%)



Change +48.270 (+2.3%)



Change –376.393 (–0.8%)


12 Other liabilities

Table 24 shows the composition of other liabilities.

12.3 Sundry

Table 25 shows the composition of sundry liabil-ities.

Pursuant to Article 69 paragraph 3 Nationalbank Act, the central government’s share of profit corresponds to 90% of the profit for the year after tax and after transfers to the pension reserve.

As on December 31, 2017, the liability from schilling banknotes in circulation with an exchange deadline resulted from outstanding schilling banknotes with an exchange deadline. The last exchange period expired on April 20, 2018, and applied to the schilling banknote ATS 1,000 (4th motif – Erwin Schrödinger) and ATS 500 (3rd motif – Otto Wagner). The euro equivalent of the unexchanged banknotes of EUR 107.077 million was transferred to the Federal Ministry of Finance.

The item Earmarked funds of the OeNB Anni-versary Fund (initial funding) refers to the funds not yet disbursed on the balance sheet date.

13 Provisions

Table 26 shows provisions.Risk provisions are made for foreign exchange

rate, interest rate, credit and gold price risks. To calculate the potential need to adjust the size of risk provisions, the OeNB uses bandwidths for all financial risks it incurs, including the risks arising from the Eurosystem’s single monetary policy. These bandwidths are based on risk calculations using VaR (value at risk) and ES (expected shortfall) calculations with a confidence level of 99% over a oneyear horizon (plus a threemonth horizon for market risk). Taking into account the prohibition of netting, balances on revaluation accounts are used as riskmitigating factors in calculating risk exposure.

The Governing Board determines the adjustment of the size of the risk provisions every year on the basis of the risk bandwidths, giving due consideration to monetary policy, macroeconomic and financial stability considerations. In the financial statements for 2018, EUR 150 million were allocated to the risk provisions. As defined by the ECB, these risk provisions

Table 24

December 31, 2018 December 31, 2017 Change EUR million EUR million EUR million %

12.1 Off balance sheet instruments’ revaluation differences 153.593 43.148 +110.445 n.a.12.2 Accruals and income collected in advance 168.029 84.244 +83.785 +99.512.3 Sundry 223.700 330.331 –106.631 –32.3

Total 545.323 457.724 +87.599 +19.1

Table 25


Central government’s share of profit of 90% under Article 69 paragraph 3 Nationalbank Act 184.154 173.962 +10.191 +5.9Liability from schilling banknotes in circulation with an exchange deadline – 108.508 –108.508 –100.0Earmarked funds of the OeNB Anniversary Fund

OeNB Anniversary Fund (initial funding) 34.909 32.988 +1.921 +5.8OeNB Anniversary Fund National Foundation endowment – 7.132 –7.132 –100.0

Sundry 4.637 7.741 –3.103 –40.1

Total 223.700 330.331 –106.631 –32.3



constitute central bankspecific provisions equivalent to reserves and are to be included in net equity.

The OeNB’s retirement plan for employees recruited up to April 30, 1998, is based on internally funded pensions. The legal basis of this plan is the Nationalbank Act. It obligates the OeNB to hold a pension reserve to cover its liability under this retirement plan. All employees recruited from May 1, 1998, are covered by the pension system under the General Social Security Act (Allgemeines Sozialversicherungsgesetz, ASVG). With effect from May 1, 1999, a contract between the OeNB and a pension fund was concluded for these employees. This means that the OeNB’s direct liability to pay retirement benefits is limited to staff recruited before May 1, 1998, and that, as a result, the pension reserve set up to secure this liability has become a closed system.

Since January 1, 2015, staff members employed under the first and second generations of the OeNB’s Conditions of Service have been obliged, pursuant to the Act to Limit Specific Pension Benefits (Sonderpensionenbegrenzungsgesetz, SpBegrG), to pay pension contributions to the OeNB (first generation: 10.25% as from 2018; second generation: 10.25% of basic salaries up to the earnings cap as defined in the General Social Security Act, and as from 2017, 5% for any part of salaries in excess of this earnings cap). Retired staff who are entitled to pension or supplementary pension payments under the first and second generations of the OeNB’s Conditions of Service have been obliged to make a special pension contribution (of between 3.3% and 25%) to the OeNB from their monthly pension benefits as well as from special payments they are entitled to.

Table 26

December 31, 2017 Release/use Allocation December 31, 2018EUR million EUR million EUR million EUR million

Risk provisions 3,950.000 – +150.000 4,100.000

Pension reserve 2,000.573 –33.983 +35.125 2,001.714

Personnel provisionsSeverance payments 63.545 –3.933 +5.260 64.872Supplementary contributions to pension plans 54.583 – +7.200 61.783Anniversary bonuses 15.156 –1.629 +3.022 16.549Residual leave entitlements 14.050 –0.250 +0.446 14.245Death gratuity payments 2.100 – +0.564 2.664One-off contributions for employees on secondment or leave 1.384 –0.354 +0.237 1.267Overtime entitlements 0.772 – +0.060 0.832Prepaid salaries in 2017 and 2018 0.424 –0.424 +0.455 0.455Compulsory social security contributions 0.112 –0.112 +0.086 0.086Sabbaticals 0.102 –0.002 – 0.100Pending employment lawsuits 0.832 –0.832 – –

Other provisionsSchilling banknotes without an exchange deadline 136.378 –2.580 – 133.798Estimated unredeemable amount outstanding from the Austrian Federal Treasury for silver commemorative coins issued before 1989 34.203 – +0.028 34.231Accounts payable 4.536 –3.289 +1.845 3.093Accounts payable to subsidiaries 2.987 –2.987 +4.786 4.786Provision against losses in monetary policy operations 1.921 –1.921 +4.492 4.492Sundry 3.905 –3.585 +0.930 1.250

Total 6,287.562 –55.880 +214.536 6,446.217


The actuarial present value of projected pension benefits amounted to EUR 2,885.280 million on December 31, 2018; it was not covered by the pension reserve and hidden reserves in the real estate portfolio. The EUR 471.822 million funding gap as at December 31, 2018, was recorded as a contingent liability in the trans-actions not disclosed in the balance sheet (table 29).

In line with the average cost method, the discount rate is derived from the sevenyear moving average of the interest rate (discount interest rates pursuant to Article 253 paragraph 2 of the German Commercial Code based on the last 84 monthend values) applied to an average residual maturity of 15 years as published by the Deutsche Bundesbank on November 30, 2018, i.e. 2.36% (2017: 2.84%). It was assumed that the relevant assessment bases in the qualifying period increase by 2.1% per annum (2017: 1.7%) and that current pension payments increase by 1.8% per annum (2017: 1.7%).

Moreover, the new mortality tables “AVÖ 2018P – Rechnungsgrundlagen für die Pensionsversicherung” (actuarial basis for pension insurance published by the Actuarial Association of Austria AVÖ) had to be applied to calculate the actuarial present value of projected pension benefits. These mortality tables have replaced the hitherto used “AVÖ 2008P, Pagler & Pagler.” The reasons that entitle employees or their dependents to receive benefits from the pension reserve that are taken into account in the calculation are death, disability or withdrawal from employment upon attainment of pension entitlement age. Fluctuations are not taken into account. The pension entitlement age is governed by the provisions in the applicable Conditions of Service and service contracts, in observance of the Act to Limit Specific Pension Benefits. The pension scheme liabilities for current employees with pension entitlements are stated pro rata; those for retired employees and for prospective beneficiaries that have attained pension entitlement age are stated at their net present value. Following the switch to the new mortality tables, the projected pension benefits increased by EUR 141.422 million. The change in the discount rate and in the

assumed increase of the assessment bases had an impact on the projected pension benefits of +EUR 201.619 million and +EUR 49.840 million, respectively.

Provisions for severance payments, anniversary bonuses, residual leave entitlements, death gratuity payments and supplementary contributions to pension plans are calculated according to actuarial principles. The discount rate used for calculating the provisions for severance payments and the provisions for sabbaticals is the sevenyear moving average of the interest rate (discount interest rates pursuant to Article 253 paragraph 2 of the German Commercial Code based on the last 84 monthend values) applied to an average residual maturity of eight years as published by the Deutsche Bundesbank on November 30, 2018, i.e. 1.72% (2017: 2.07%, with an average residual maturity of seven years). Assuming an average residual maturity of nine years, this discount rate as applied to the calculation of the provisions for anniversary bonuses equals 1.84% (2017: 2.33%). The relevant assessment bases were all assumed to increase by 2.1% per annum in 2018 (2017: 1.7%).

The change in the discount rate and the change in the assumed increase of the assessment base had an impact on the provisions for severance payments of +EUR 0.864 million and +EUR 1.005 million, respectively. The required provisions decreased by EUR 0.195 million following the switch to the new mortality tables. The provisions for anniversary bonuses rose on account of the change in the discount rate (+EUR 0.349 million), the change in the assumed increase of the assessment bases (+EUR 0.286 million) and the switch to the new mortality tables (+EUR 0.832 million).

The calculation of the provisions for death gratuity payments and for supplementary contributions to pension plans is based on the same parameters as the calculation of the pension reserve. The provisions for supplementary contributions to the pension plans increased as a result of the change in the discount rate (+EUR 1.882 million) and of the change in the assumed increase of the assessment bases



(+EUR 1.588 million) and decreased on account of the switch to the new mortality tables (–EUR 1.879 million).

The changes in the provisions for anniversary bonuses and other longterm personnel provisions are recorded in the profit and loss account item 7 Staff costs under salaries; the change in the provisions for severance payments are recorded under expenses for severance payments and contributions to severance funds. The change in the provisions for supplementary contributions to pension plans is recorded in the profit and loss account item 8 Expenses for retirement. If the netting of transfers to and transfers from the respective provisions yields a positive balance, this amount is recorded as other income.

The level of the provision for schilling banknotes without an exchange deadline, which were not recognized in the profit and loss account in 2002, relates to the amount of schilling banknote exchanges estimated on the basis of past annual exchange amounts. The reduction in the provision in 2018 is due to exchanges of schilling banknotes.

In 2017, a provision totaling EUR 69 million against losses in monetary policy operations was established in relation to a security held by an NCB of the Eurosystem. In accordance with Article 32.4 of the Statute of the ESCB and of the ECB, this provision was funded by all the NCBs of the Eurosystem in proportion to their subscribed capital key shares in the ECB prevailing in 2017. As a result, a provision of EUR 1.921 million was estab

lished in the 2017 financial statements of the OeNB, which is equivalent to 2.7888% of the Eurosystem’s total provision. The size of this provision in the 2017 financial statements was calculated taking into account the information regarding the security sale in January 2018 and therefore the loss realized in 2018 was fully covered by usage of the provision.

As a result of an impairment test conducted on the CSPP portfolio, the Governing Council of the ECB deemed it appropriate to establish a provision totaling EUR 161 million against losses in monetary policy operations in 2018. In accordance with Article 32.4 of the Statute of the ESCB and of the ECB, this provision is funded by all the NCBs of the Eurosystem in proportion to their subscribed capital key shares in the ECB prevailing in 2018. As a result, a provision of EUR 4.492 million was established in the 2018 financial statements of the OeNB, which is equivalent to 2.7888% of the Eurosystem’s total provision.

14 Revaluation accounts

Table 27 shows the composition of this balance sheet item on December 31, 2017, and on December 31, 2018. The amounts on the reval-uation accounts ref lect the valuation gains established in the course of the valuation of assets (by individual valuation units) as on December 31, 2018. These gains are realizable in the context of future transactions in the respective categories or may be used to reverse revaluation losses that may arise in future years. Any other use is inadmissible.

Table 27


Revaluation accountsGold 7,873.181 7,521.381 +351.800 +4.7Foreign currency 109.811 71.975 +37.836 +52.6Securities 691.010 938.934 – 247.924 –26.4Participating interests 99.754 94.046 +5.708 +6.1Coins of the OeNB’s Money Museum 9.269 9.269 – –

Revaluation accounts total 8,783.025 8,635.605 +147.420 +1.7

Valuation gains from January 1, 1999 Participating interests 262.764 262.764 – –

Total 9,045.788 8,898.368 +147.420 +1.7


15 Capital and reserves

According to Article 8 Nationalbank Act, the capital of the OeNB is EUR 12 million and is divided equally into 150,000 shares. The Republic of Austria has been the sole shareholder of the OeNB since May 27, 2010, with the Ministry of Finance acting as the shareholder’s representative.

Table 28 shows reserves.The change in the profit-smoothing reserve

resulted from allocations out of the profit for the year 2017, which were made according to the General Meeting’s decision of March 27, 2018.

The reserve for

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